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All Forum Posts by: Scott S.

Scott S. has started 4 posts and replied 6 times.

Post: Looking for a Fee Based CFP

Scott S.Posted
  • 34714
  • Posts 6
  • Votes 5

Thank you for the recommendations. We are looking at real estate syndication as part of our overall investment financial plan and are looking for a planner who understands syndication. We've spoken to several planners already, but so far none of them know what syndication even is. I'm not sure I can go with a financial planner who doesn't understand what we are looking to invest in. 

Post: Looking for a Fee Based CFP

Scott S.Posted
  • 34714
  • Posts 6
  • Votes 5

Chad, we are looking to hire a fee-based financial planner who is knowledgeable about real estate syndication to help us with our financial plan. We don't want to hire a financial planner who doesn't know what it is or how it works.

Post: Looking for a Fee Based CFP

Scott S.Posted
  • 34714
  • Posts 6
  • Votes 5

We are looking for a fee-based Certified Financial Planner who is familiar with Real Estate Syndication. Does anyone have any recommendations? In case it helps, we live in Florida. Thanks in advance!

I'm on the fence about outsourcing my property management to a company. Why? Because there's a lot that I'm willing to do and a lot that I feel capable of and comfortable with doing. However, there are things that I either don't feel capable of and other things that I just don't want to do.

My friend is willing and able to shore up these areas for me, but what should the split be? I recognize that I could just pay him to do a job from time to time, but I want to develop a longer-term relationship with him and have him be a part of future projects. I also want to help him begin his journey into real estate investing.

I would be the one investing 100% of the capital for now. He would be investing his labor. What's that worth? On the one hand, I'm the one taking the risk, so I can justify the split being in my favor. On the other hand, he's the one who will be putting in the sweat equity, so I can justify the split being in his favor.

As investors, when we put our money at risk (real estate, stocks, etc.), we have certain expectations of how much return we want. If I'm getting 20% on my money, I'm more than happy. I'm pretty happy with anything that beats the S&P, if I'm being honest. But, that doesn't mean his work is necessarily worth the balance.

How would I calculate such an arrangement? Has anyone done this successfully before? I'd love to learn about what worked and what failed.

Post: Turn This Patio Into A Sunroom

Scott S.Posted
  • 34714
  • Posts 6
  • Votes 5

Am I thinking about this wrong or does it make sense to take this area and turn it into another 300-400 sqft of indoor livable space? The house otherwise is not even 1,200 sqft. Yeah, a very small house. But, this would take it up to roughly 1,600 sqft which would put it on par with other houses in the neighborhood. It's a 3/2 on .25 acres. The neighborhood is a safe, family neighborhood in close proximity to Disney World in Orlando. It sits next to an orange grove, so no rear neighbors and it's close to a nature preserve so it's very quiet. It's definitely one of the cheapest on the block and would rent for roughly $1,800. If I constructed a sunroom, would I get more in rent? I assume the forced appreciation would get me more if I sell it, but I may not ever sell it. It will always rent being this close to Disney.

Thanks in advance, BP community!

If you pay for a property in cash, can you mortgage it after the fact? These days, with the housing market so hot, coming with a cash offer might move one to the front of the line. But, tying up $200-$300K in one property is a big ask. It would be great to pay now, mortgage later, if that's a thing.